Sears Stores In The United States Will Shut Down 43 Stores To Reduce Operating Pressure.

According to the world clothing shoes and hats net, Eddie Lampert, chairman and chief executive officer of Sears group, Sears Holdings Corp. (NASDAQ:SHLD), the US Department Store giant, explained on Friday the latest restructuring progress of the group on the official website of the group, saying it would further close 43 stores, including 8 Sears stores and 35 Kmart stores.

Eddie Lampert said this is necessary for the group to control costs, and the group will continue to focus on profitable stores.

In the statement, Eddie Lampert also said that large shops are not only difficult to operate, but also difficult to adapt to the current retail environment, and small shops help the group to locate and shop in a better location.

He also said that the company's business has been dependent on supplier support for many years, but in recent years, suppliers' support for the company has been reduced, resulting in additional pressure on the operation of the group.

However, for Eddie Lampert's official speech,

Not buying, the company's share price fell 1.89% to $7.78 on Friday, and its intraday drop was as high as 4%.

For the operation of the store, the Sears Holdings Corp. Sears group, which is concerned about the market, also declined to disclose that only the eligible redundancies were eligible for compensation. They could also apply for jobs at other Sears stores and Kmart stores of the group.

In fact, as early as January this year, the Sears Holdings Corp. Sears group issued a $1 billion 250 million cost reduction plan, including closing 108 Kmart and 42 Sears total 150 stores.

In its annual report of March this year, the group said that the shrinking sales for many years made it very difficult for its ability to continue operation, which meant that the group admitted for the first time that it might go bankrupt.

Canada's business at the end of June

Canada Inc. (TSE:SCC) filed for bankruptcy protection, and even investors worried that Sears Holdings Corp. Sears group was ultimately immune to bankruptcy.

In order to maintain its business, the group has recently split up clothing retailers' Lands' End Inc. (NASDAQ:LE) and sell tool brand Craftsman and other assets, and refinancing most of its debt. Its real estate portfolio has also been realized in 2015, when the group set up a real estate trust fund called Seritage Properties, then sold 235 stores to the REIT and then rented it, and gained 2 billion 700 million dollars from the paction.

Sears Holdings Corp. Sears group has made more loans to Eddie Lampert's hedge fund ESL Investments Inc.. As of last January, the latest $500 million loan has been spent over 1 billion 300 million years in Eddie Lampert.

Last year, the Sears Holdings Corp. Sears Group recorded a loss of $607 million, Kmart and Sears.

The same store sales decreased by 7.4% and 9.3% respectively, and the reduction was much larger than that of the overwhelming majority of struggling retailers. The overall revenue fell by 12% to 22 billion 138 million US dollars annually.

Over the past 7 years, the group has lost nearly $10 billion.

Fitch Ratings pointed out in the September last year's retail bankruptcy report that Sears Holdings Corp. Sears group, Rue21 Inc., Nine West Holdings Inc., West ",", "," Holdings "," 99 "," zero "and" zero "have the highest risk of bankruptcy.

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